The weekend effect on rewards-based crowdfunding

Crowdfunding has become a crucial alternative financing method, yet little attention has been given to how campaign timing influences success. This study examines the impact of the day of the week on crowdfunding outcomes using data from over 319,000 projects (2009–2022). We find that crowdfunding campaigns initiated on weekdays—particularly on Tuesdays—exhibit significantly higher success rates, whereas those initiated on weekends are significantly less likely to be funded. In contrast, launching on a national holiday does not reduce success probability, indicating a weekend effect rather than a broader holiday effect . Additionally, a campaign’s end date influences success: those concluding on weekends are less likely to succeed, but campaigns that both start and end on weekends exhibit a higher success rate, highlighting a notable interaction effect. Our findings remain robust across multiple statistical models and suggest that the weekend effect is associated with an estimated $300 million reduction in crowdfunding market capitalization.